Bank of America’s global wealth management group reported record revenue of $5.5 billion during the first quarter, reflecting a 10% increase over the same period last year.
The quarterly net income was more than $1.1 billion, average deposits were up 18% to $385 billion, and average loans and leases climbed 12% to $211 billion.
The earnings report Monday morning broke down $4.2 trillion in client balances across the wealth continuum, with $3.12 trillion at Merrill wealth management, $598 billion at the private bank, and $477 billion in consumer investments.
The bank also announced that eight new financial centers opened during the quarter ending March 31 and said it had added 7,800 net new client relationships during the quarter, including about 6,900 at Merrill.
The wealth management group’s assets under management of more than $1.5 trillion represent a 7% increase over the same period last year.
One trend noted during a call with reporters is the growing appetite for alternative investments. A company representative said alternative investments in client portfolios now exceed $70 billion, which is up 40% from a year ago. Also, a record 81% of wealth management clients are actively using online or mobile platforms.
The Merrill Mobile Advisor Experience, which was launched last August, was used nearly 350,000 times during the quarter, a 56% increase over the previous quarter.
The bank's adviser head count during the quarter dropped to 18,571, down 6% from the same quarter last year, when the ranks totaled 19,808. That head count, which includes Merrill, Bank of America private bank and consumer investments, is down 275 from the end of the 2021.
Meanwhile, a company representative said Merrill's longer-term strategy to add 600 advisers annually over the next several years is still on track.
The Bank of America Corp. (BAC) stock price was up more than 3% in midday trading Monday, while the broad market S&P 500 Index was down slightly.
The bank earned $7.1 billion, or 80 cents per share, on $23.2 billion in revenue during the quarter, beating analysts' estimates. The net income reflects a 12% decline from the same period last year.
Net interest income was up 13% to $11.6 billion, but noninterest income dropped by 8% to $11.7 billion.
The bank also returned $4.4 billion to shareholders in the form of dividends and stock repurchases.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
